PetroChina Joins Global Effort To Decarbonise Oil And Gas Sector At COP28

PetroChina has joined the Oil & Gas Decarbonisation Charter (OGDC), becoming its latest signatory. This addition brings the total number of committed oil and gas producers to over 50, representing more than 42% of global oil production.

Huang Yongzhang, President of PetroChina, stated, "PetroChina stays committed to green development and accelerates the transition towards a green and low-carbon future with a three-step approach of 'clean substitution, strategic replacement, and green development'. While providing oil and gas, we are promoting the transformation of PetroChina into an integrated energy company covering oil, gas, thermal energy, electricity, and hydrogen."

The OGDC was launched at COP28 in Dubai as part of the Global Decarbonisation Accelerator (GDA). This initiative aims to speed up the energy transition and significantly reduce global emissions. The Charter aligns with the goals of the Paris Agreement to decarbonise the oil and gas industry.

Bjorn Otto Sverdrup, Head of OGDC Secretariat, remarked on PetroChina's inclusion: "Welcoming PetroChina to the OGDC is a significant milestone. The announcement by the leadership of the company signifies the growing momentum towards industry decarbonisation and further demonstrates the important influence of Chinese oil and gas enterprises in advancing low-carbon solutions. We look forward to working together to achieve impact and motivate others to take climate action in line with the ambitions of the Charter."

All signatories commit to various goals such as meeting emissions targets and investing in future energy systems. They also agree to measure emissions and publicly report their progress towards these goals. Transparency and collaboration are key components.

Focus on National Oil Companies

National Oil Companies (NOCs), which are owned by their respective governments, control 60% of global oil and gas production. With two-thirds of OGDC signatories being NOCs, there is a substantial potential for significant emissions reduction within this group.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, highlighted inclusivity: "We launched the Oil & Gas Decarbonisation Charter at COP28 in recognition of the need for inclusivity and transparency. We must bring everyone in to be accountable and responsible for climate action, and that includes including oil & gas companies in the conversation and making them active drivers of practical solutions to keep 1.5C within reach."

Training Programs for 2024

Since its inception, the OGDC Secretariat has developed structured training programs focusing on high-impact priorities. For 2024, these priorities include reducing methane emissions and flaring, implementing decarbonisation strategies, and reporting greenhouse gas (GHG) emissions.

The OGDC provides a collaborative platform for signatories, industry partners, and organisations to share knowledge and best practices. This collective effort aims to drive significant progress toward a lower-carbon future.

PetroChina's commitment includes advancing carbon capture, utilisation, and storage (CCUS) through demonstration projects. Huang Yongzhang added that as a signatory to the Charter, PetroChina will actively promote green practices contributing its wisdom and strength to global low-carbon transitions.

The inclusion of PetroChina underscores growing momentum towards industry-wide decarbonisation efforts. The company's leadership highlights China's role in advancing low-carbon solutions within this sector.

The OGDC's mission is clear: accelerate decarbonisation within the oil and gas industry while fostering transparency among its members. By doing so, it aims to meet international climate goals effectively.

This collective effort by over 50 producers marks a significant step towards achieving a sustainable energy future while addressing climate change challenges head-on.

With inputs from WAM